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Consequently, the reverse repo rate under the LAF stands adjusted to 6.25%, and the
marginal standing facility (MSF) rate and the Bank Rate to 6.75%.

The decision of the MPC is consistent with a neutral
stance of monetary policy in consonance with the objective of achieving the
medium-term target for consumer price index (CPI) inflation of 4% within a band
of +/- 2%, while supporting growth.

Assessment

Global economic activityhas
continued to maintain steam; however, global growth has become uneven and risks
to the outlook have increased with rising trade tensions. Among AEs, the US
economy rebounded strongly in Q2, after modest growth in Q1, on the back of
rising personal consumption expenditures and exports. In the Euro Area, weak
growth in Q1 continued in Q2 due to subdued consumer demand, weighed down by
political uncertainty and a strong currency. In Japan, recent data on retail
sales, consumer confidence and business sentiment point to moderation in
growth.Economic activity in major EMEs has slowed somewhat on volatile
and elevated oil prices, mounting trade tensions and tightening of financial
conditions. The Chinese economy lost some pace in Q2, pulled down by efforts to
contain debt. The Russian economy picked up in Q1; recent data on employment,
industrial production and exports indicate that the economy has gained further
momentum. South Africa’s economy contracted in Q1; though consumer sentiment
has improved, high unemployment and weak exports pose challenges. In Brazil,
economic activity suffered a setback in Q1 on nation-wide strikes; more recent
data suggest that growth remained muted as industrial production contracted in
May and the manufacturing PMI declined.

Global trade lost some traction
due to intensification of trade wars and uncertainty stemming from Brexit
negotiations. Crude oil prices, which remained volatile and elevated in
May-June on a delicate demand-supply balance, eased modestly in the second half
of July on higher supply from OPEC and non-OPEC producers. Base metal prices
have fallen on the general risk-off sentiment triggered by fears of an
intensification of trade wars. Gold prices have softened on a stronger dollar.
Inflation remained firm in the US, reflecting higher oil prices and stronger
aggregate demand. Inflation has edged up also in some other major advanced and
emerging economies, driven, in part, by rising energy prices and pass-through
effects from currency depreciations.

Global financial markets have continued to be driven
mainly by monetary policy stances in major AEs and geopolitical tensions.
Equity markets in AEs have declined on trade tensions and uncertainty relating
to Brexit negotiations. Investors’ appetite for EME assets has waned on
increases in interest rates by the US Fed. The 10-year sovereign yield in the
US has moderated somewhat from its peak on May 17 on safe-haven demand, spurred
by escalating trade conflicts. Yields have softened in other key AEs as well.
In most EMEs, however, movements in yields have varied reflecting domestic
macroeconomic fundamentals and tightening global liquidity. Capital flows to
EMEs declined in anticipation of monetary policy tightening in AEs. In currency
markets, the US dollar appreciated, supported by strong economic data. The euro
strengthened in June on receding political uncertainty and taper talk by the
central bank. However, the currency has traded soft thereafter on mixed
economic data and the rising US dollar. EME currencies, in general, have
depreciated against the US dollar over the last month.

In India IIP strengthened in April-May 2018 on a
y-o-y basis. This was driven mainly by a significant turnaround in the
production of capital goods and consumer durables. Growth in the
infrastructure/construction sector accelerated sharply, reflecting the
government’s thrust on national highways and rural housing, while the growth of
consumer non-durables decelerated significantly. The output of eight core
industries accelerated in June due to higher production in petroleum refinery
products, steel, coal and cement. Capacity utilisation in the manufacturing
sector remains robust. The assessment based on the Reserve Bank’s business
expectations index (BEI) for Q1:2018-19 remained optimistic notwithstanding
some softening in production, order books and exports. The July manufacturing
PMI remained in expansion zone, although it eased from its level a month ago
with slower growth in output, new orders and employment.

Retail inflation, measured by year-on-year
change in the CPIrose from 4.9 per
cent in May to 5 per cent in June, driven by an uptick in inflation in fuel and
in items other than food and fuel even as food inflation remained muted due to
lower than usual seasonal uptick in prices of fruits and vegetables in summer months.
Low inflation continued in cereals, meat, milk, oil, spices and non-alcoholic
beverages, and pulses and sugar prices remained in deflation. Fuel and light
group inflation rose sharply, pulled up by LPG and kerosene, while electricity
inflation remained low. The pass-through of global crude oil prices impacted
inflation in domestic petroleum products as well as transport services.
Inflation also picked up modestly in respect of education and health. The June
round of the Reserve Bank’s survey of households reported a further uptick of
20 basis points in inflation expectations for both three-month and one-year
ahead horizons as compared with the last round. Manufacturing firms polled in
the Reserve Bank’s industrial outlook survey reported higher input costs and
selling prices in Q1:2018-19. The manufacturing PMI showed that input prices
eased slightly in July, although they remained high. Input costs for companies
polled in Services PMI in June also stayed elevated. Farm and non-farm input
costs rose significantly. Notwithstanding some pick-up in February and March
2018, rural wage growth remained moderate, while wage growth in the organised
sector remained firm.

The liquidity in the system remained generally in surplus
mode during June-July 2018. In June, the Reserve Bank absorbed surplus
liquidity of around Rs.140 billion on a daily net average basis under the LAF
even as the system migrated from net surplus to a net deficit mode in the
second half of the month due to advance tax outflows. Interest rates in the
overnight call money market firmed up in June reflecting the increase in the
repo rate on June 6, 2018. The weighted average call rate (WACR) traded, on an
average, 12 basis points below the repo rate – the same as in May. Systemic
liquidity moved back into surplus mode in early July with increased government
spending but turned into deficit from July 10 onwards; on a daily net average
basis, the Reserve Bank injected liquidity under the LAF of Rs.107 billion in
July. The WACR in July, on an average, traded 9 basis points below the policy
rate. Based on an assessment of prevailing liquidity conditions and of durable
liquidity needs going forward, the Reserve Bank conducted two open OMO purchase
auctions of Rs.100 billion each on June 21 and July 19, 2018.

Merchandise exports growth picked up in May and
June 2018 on a y-o-y basis, aided by engineering goods, petroleum products,
drugs and pharmaceuticals, and chemicals. During the same period, merchandise import growth also accelerated
largely due to an increase in crude oil prices. Among non-oil imports, gold
imports declined due to lower volume, while imports of machinery, coal,
electronic goods, chemicals, and iron and steel increased sharply. Double-digit
import growth in May and June pushed up the trade deficit. While net FDI inflows improved significantly
in the first two months of 2018-19, with the tightening of liquidity conditions
in AEs, growing geopolitical concerns and with the escalation of protectionist
sentiment, net FPI outflows from the domestic
capital market have continued, albeit at an increasingly
slower rate. India’s foreign
exchange reserves were at US$404.2 billion on July 27, 2018.

Outlook

GDP growth outlook for 2018-19 is retained at 7.4 per cent as in the
April policy. GDP growth is projected in the range of 7.5-7.6 per cent in H1
and 7.3-7.4 per cent in H2, with risks evenly balanced.Various
indicators suggest that economic activity has continued to be strong. The progress
of the monsoon so far and a sharper than the usual increase in MSPs of kharif crops
are expected to boost rural demand by raising farmers’ income. Robust corporate
earnings, especially of fast moving consumer goods (FMCG) companies, also
reflect buoyant rural demand. Investment activity remains firm even as there
has been some tightening of financing conditions in the recent period.
Increased FDI flows in recent months and continued buoyant domestic capital
market conditions bode well for investment activity. The Reserve Bank’s IOS
indicates that activity in the manufacturing sector is expected to remain
robust in Q2, though there may be some moderation in pace. Rising trade
tensions may, however, have an adverse impact on India’s exports.

Headline inflationoutlook is driven primarily by several factors. First,
the central government has decided to fix the MSPs of at least 150 per cent of
the cost of production for all kharif crops for the sowing
season of 2018-19. This increase in MSPs, which is much larger than the average
increase seen in the past few years, will have a direct impact on food
inflation and second round effects on headline inflation. A part of the increase
in MSPs based on historical trends was already included in the June baseline
projections. However, there is a considerable uncertainty and the exact impact
would depend on the nature and scale of the government’s procurement
operations. Second, the overall performance of the monsoon so far augurs well
for food inflation in the medium-term. Third, crude oil prices have moderated
slightly, but remain at elevated levels. Fourth, the central government has
reduced GST rates on several goods and services. This will have some direct
moderating impact on inflation, provided there is a pass-through of reduced GST
rates to retail consumers. Fifth, inflation in items excluding food and fuel
has been broad-based and has risen significantly in recent months, reflecting greater
pass-through of rising input costs and improving demand conditions. Finally,
financial markets continue to be volatile. Based on an assessment of the
above-mentioned factors, inflation is projected at 4.6 per cent in Q2 and 4.8
per cent in H2 of 2018-19, with risks evenly balanced. Excluding the HRA
impact, CPI inflation is projected at 4.4 per cent in Q2 and 4.7-4.8 per cent
in H2.

Developmental and Regulatory Policies

Extension
of MSF to Scheduled Primary (Urban) Cooperative Banks, and extension of LAF and
MSF to Scheduled State Cooperative Banks, complying with the
eligibility criteria prescribed for LAF / MSF, as part of the Reserve Bank’s
continuous efforts in improving the transmission of monetary policy to money
market rates.

Investment
in Non-SLR Securities by Primary (Urban) Cooperative Banks. In order to bring
further efficiency in price discovery mechanism and as a step towards
harmonization of regulations they will be permitted to undertake eligible
transactions for acquisition / sale of non-SLR investment in secondary market
with mutual funds, pension / provident funds, and insurance companies. This is
in addition to undertaking eligible transactions with Scheduled Commercial
Banks and Primary Dealers.

Co-origination
of loans by Banks and Non-Banking Financial Companies (NBFCs) for lending to
the priority sector to provide the much-needed competitive edge for
credit to the priority sector. All SCBs (excluding Regional Rural Banks and
Small Finance Banks) may co-originate loans with NBFCs - NBFC-ND-SIs, for the
creation of eligible priority sector assets. The co-origination arrangement
should entail joint contribution of credit by both lenders at the facility level.
It should also involve sharing of risks and rewards between the banks and the
NBFCs for ensuring appropriate alignment of respective business objectives, as
per their mutual agreement.

Financial Markets

Review of Foreign Exchange Derivative facilities
for Residents (Regulation FEMA-25): It is now proposed to undertake a
comprehensive review of FEMA 25, in consultation with the Government of India,
to, inter alia, reduce the administrative requirements for undertaking
derivative transactions, allow dynamic hedging, and allow Indian multinationals
to hedge the currency risks of their global subsidiaries from India.

Comprehensive
Review of Market Timings: It is necessary that timings across products and
funding markets complement each other and avoid unanticipated frictions. It is,
therefore, proposed, to set up an internal group to comprehensively review
timings of various markets and the necessary payment infrastructure for
supporting the recommended revisions to market timings.

Review of
SGL/ CSGL Guidelines: In order to facilitate greater participation in the
G-Secs markets and to provide market participants further operational ease in
opening and operating of Subsidiary General Ledger (SGL) and Constituent
Subsidiary General Ledger (CSGL) Accounts, it has been decided to review
comprehensively the SGL/CSGL Guidelines.

Consequently,
the reverse repo
rate under the LAF remains unchanged at 5.75%, and the marginal
standing facility (MSF) rate and the Bank Rate are at 6.25%.

The
decision of the MPC is consistent with a neutral stance of monetary
policy in consonance with the objective of achieving the medium-term
target for consumer price index (CPI) inflation of 4% within a band
of +/- 2%, while supporting growth.

Assessment

Global
economic activityhas
gained further pace with growth impulses becoming more synchronised
across regions. Among AEs, the Euro area expanded at a robust pace,
supported by consumption and investment.The
US economy lost some momentum with growth slowing down in Q4 of 2017
even as manufacturing activity touched a multi-month high in
December. The Japanese economy continued to grow as manufacturing
activity gathered pace in January on strong external demand. Economic
activity accelerated in EMEs) in the final quarter of 2017. The
Chinese economy grew above the official target, driven by strong
domestic consumption and robust exports. However, some downside risks
to growth remain, especially from easing fixed asset investment and
surging debt levels. In Russia, strong private consumption, rising
oil prices and high exports are supporting economic activity,
although weak investment and economic sanctions are weighing on its
growth prospects. In Brazil, data on household spending and
unemployment were positive in Q4. However, recovery remains
vulnerable to political uncertainty, which has dampened consumer
confidence. South Africa continues to face challenges on both
domestic and external fronts, including high unemployment and
declining factory activity.

Global
trade continued to expand, underpinned by strong investment and
robust manufacturing activity. Crude oil prices touched a three-year
high as production cuts by the OPEC coupled with falling inventories
weighed on the global demand-supply balance. Bullion prices touched a
multi-month high on a weak US dollar. Inflation remained
contained in most AEs and was divergent in key EMEs due to
country-specific factors.

Global
financial markets
have become volatile in recent days due to uncertainty over the pace
of normalisation of the US Fed monetary policy. The volatility index
(VIX) has climbed to its highest level since Brexit. Equity markets
have witnessed a sharp correction, both in AEs and EMEs. Bond yields
in the US have hardened sharply, adding to the upward pressures seen
during January, with concomitant rise in bond yields in other AEs and
EMEs. Forex markets have become volatile as well. Until this episode
of recent volatility, global financial markets were buoyed by
investor appetite for risk, corporate tax cuts by the US, and stable
economic conditions. Equity markets had gained significantly in
January, driven by robust Chinese growth, uptick in commodity prices,
and positive corporate sentiment in general. In currency markets, the
US dollar had touched a multi-month low on February 1 on fiscal risks
and improving growth prospects in other AEs.

In
India
as per the first advance estimates released by the CSO is estimated
to decelerate to 6.1 per cent in 2017-18 from 7.1 per cent in 2016-17
due mainly to slowdown in agriculture and allied activities, mining
and quarrying, manufacturing, and public administration and defence
services.Manufacturing
output boosted the growth of IIP in November. After a period of
prolonged weakness, cement production registered robust growth in
November-December, which along with continuing healthy growth in
steel production led to acceleration of infrastructure goods
production in November. The manufacturing purchasing managers’
index (PMI) expanded for the sixth consecutive month in January led
by new orders. Assessment of overall business sentiment in the Indian
manufacturing sector improved in Q3 as reflected in the Reserve
Bank’s Industrial Outlook Survey (IOS). However, core sector growth
decelerated in December due to contraction/deceleration in production
of coal, crude oil, steel and electricity. Acreage in the case of
wheat, oilseeds and coarse cereals was lower than last year and there
was a higher shortfall in area sown for rabi crops
as of end-January.

Retail
inflation,
measured by year-on-year change in the CPI, increased for the sixth
consecutive month in December on account of a strong unfavourable
base effect. After rising abruptly in November, food prices reversed
partly in December, reflecting mainly the seasonal
moderation, albeitmuted,
in prices of vegetables along with continuing decline in prices of
pulses. Cereals inflation moderated with prices remaining steady in
December. However, inflation in some components of food – eggs;
meat and fish; oils and fats; and milk – increased. Fuel and light
group inflation, which showed a sharp increase in November, softened
somewhat in December, driven by moderation in electricity, LPG and
kerosene inflation.

CPI
inflation excluding food and fuel, increased further in November and
December, largely on account of increase in housing inflation
following the implementation of higher HRA for government employees
under the 7th CPC award. Inflation also picked up in health and
personal care and effects. Reflecting incomplete pass-through to
domestic petroleum product prices, inflation in transport and
communication remained muted in December. Inflation also slowed down
in clothing and footwear, household goods and services, recreation,
and education. Organised sector wage growth remained firm, while the
rural wage growth decelerated.

The
liquidity in the system
continues to be in surplus mode, but it is moving steadily towards
neutrality. The weighted average call rate (WACR) traded 12 bps below
the repo rate during December-January as against 15 bps below the
repo rate in November. On some days in December and January, the
system turned into deficit due to slow down in government spending
and large tax collections, which necessitated injection of liquidity
by the Reserve Bank. For December as a whole, however, the Reserve
Bank absorbed Rs. 316 billion (on a net daily average basis). For
January, on the whole, the Reserve Bank absorbed Rs. 353 billion.

Merchandise
exports
bounced back in November and December. While petroleum products,
engineering goods and chemicals accounted for three-fourths of this
growth, exports of readymade garments contracted. During the same
period, merchandise
import
growth accelerated sequentially with over one-third of the growth
emanating from petroleum (crude and products) due largely to high
international prices. Gold imports increased – both in value and
volume terms – in December, after declining in the preceding three
months. Pearls and precious stones, electronic goods and coal were
major contributors to non-oil non-gold import growth. With import
growth exceeding export growth, the trade
deficit
for December was US$ 14.9 billion. Even though the current
account deficit
narrowed sharply in Q2 of 2017-18 on a sequential basis, it was
higher than its level a year ago, mainly due to widening of the trade
deficit. While net
FDI
inflows moderated in April-October 2017 from their level a year ago,
net
FPI
inflows were buoyant in 2017-18 (up to February 1). India’s foreign
exchange reserves
were at US$ 421.9 billion on February 2, 2018.

Outlook

GVA
growth for 2017-18
is projected at 6.6 per cent. Beyond the current year, the growth
outlook will be influenced by several factors. First, GST
implementation is stabilising, which augurs well for economic
activity. Second, there are early signs of revival in investment
activity as reflected in improving credit offtake, large resource
mobilisation from the primary capital market, and improving capital
goods production and imports. Third, the process of recapitalisation
of public sector banks has got underway. Large distressed borrowers
are being referenced for resolution under the Insolvency and
Bankruptcy Code (IBC). This should improve credit flows further and
create demand for fresh investment. Fourth, although export growth is
expected to improve further on account of improving global demand,
elevated commodity prices, especially of oil, may act as a drag on
aggregate demand.

Headline
inflation
averaged 4.6 per cent in Q3, driven primarily by an unusual pick-up
in food prices in November. Though prices eased in December, the
winter seasonal food price moderation was less than usual. Domestic
pump prices of petrol and diesel rose sharply in January, reflecting
lagged pass-through of the past increases in international crude oil
prices. Considering these factors, inflation is now estimated at 5.1
per cent in Q4, including the HRA impact.

Developmental
and Regulatory Policies

Relief
for MSME Borrowers: (for which the aggregate exposure of banks and
NBFCs does not exceed ₹ 250 million as on January 31, 2018), MSMEs
who have registered under GST, be allowed by banks and NBFCs to pay
the amounts overdue as on September 1, 2017 and payments due between
September 1, 2017 and January 31, 2018, within 180 days from their
original due date, as a measure to support their transition to a
formalised business environment.

Remove
the currently applicable loan limits of Rs. 50 million and Rs. 100
million per borrower to Micro, Small and Medium Enterprises,
(Services) respectively, for classification under priority sector.

It
has been decided that the sub-target of 8 percent of Adjusted Net
Bank Credit (ANBC) or Credit Equivalent Amount of Off-Balance Sheet
Exposure (CEOBE), whichever is higher, will be made applicable for
lending to the small and marginal farmers for foreign banks with 20
branches and above from FY 2018-19. Further, the sub-target for bank
lending to the Micro Enterprises in the country of 7.50 percent of
ANBC or CEOBE, whichever is higher, will also be made applicable for
foreign banks with 20 branches and above from FY 2018-19.

It
has been decided to harmonize the methodology of determining
benchmark rates by linking the Base Rate to the MCLR with effect
from April 1, 2018.

With
a view to harmonizing regulations across different types of
collateral and also to encourage wider participation, especially for
corporate debt repos, the repo directions are proposed to be
streamlined and simplified.

It
is now proposed to allow non-residents hedging their INR currency
risk arising out of their current and capital account transactions
to dynamically hedge their currency and interest rate exposures
onshore using any of the permitted instruments.

It
is now proposed to merge position limits across all foreign
currency-INR pairs and provide a single limit of USD 100 million per
user (both resident and non-resident) across all exchange traded
currency derivatives, in all exchanges combined.

It
is proposed that (i) FBIL would assume the responsibility for
standardising the valuation of Government securities (issued by both
the Centre and States) currently being done by FIMMDA; and, (ii)
FBIL would also assume the responsibility for computation and
dissemination of the daily “Reference Rate” for Spot USD/INR and
other major currencies against the Rupee, which is currently being
done by the Reserve Bank.

With
a view to providing customers of NBFCs with a cost-free and
expeditious grievance redress mechanism, it has been decided to
introduce an Ombudsman Scheme for NBFCs. The scheme will cover all
deposit taking NBFCs and those with customer interface having
asset-size of Rupees One Billion and above.

Budget
2018-19 reflects the Government’s firm commitment to substantially
boost investment in Agriculture, Social Sector, Digital Payments,
Infrastructure and Employment Generation on the one hand and
simultaneously stick to the path of fiscal rectitude by aiming for a
reduction of fiscal deficit by 0.2% of GDP over RE 2017-18.

Fiscal
situation

Fiscal
deficit target for 2018-19 at 3.3% of GDP to accommodate higher
demand for expenditure against the earlier target of 3%. Revised
deficit target for the year ending in March 2018 is 3.5% of GDP from
the targeted 3.2%. Revenue
deficit shot up to 2.6% of GDP in 2017-18 from the budget estimate
of 1.9% of GDP (as receiving GST revenue for 11 months in 2017-18
led to a shortfall of Rs.50,000 crore).

Aims
to reduce its debt-to-GDP ratio to 48.8% in 2018-19, 46.7% in
2019-20 and 44.6% in 2020-21. Nominal GDP for BE 2018-2019 has been
projected at Rs. 18722302 crore assuming 11.5% growth over the
estimated GDP of Rs. 16784679 crore for 2017-18 (RE).

Revenue
receipts budgeted at Rs. 1725738 crores for 2018-19 against a BE of
Rs. 1515771 and RE of Rs. 1505428 crore for 2017-18. Centre’s tax
revenues at Rs. 1480649 crore in BE 2018-19 against a BE of Rs.
1227014 crore and RE of Rs.1269454 crore in 2017-18.Non-
tax revenues at Rs. 245089 crore in BE 2018-19 against a BE of Rs.
288757 crore and RE of Rs. 235974 crore in 2017-18.

Total
expenditure is budgeted at Rs. 2442213
crore for 2018-19 as against a BE of
Rs. 2146735 crore and RE of Rs. 2217750
crore in 2017-18.

BE
of Expenditure for 2018-19 show an increase of Rs. 2,24,463 crore
over the RE 2017-18. Increases have occurred for higher
—compensation to States and UTs for revenue loss on roll out of
GST; payment of interest under Market loans; food subsidy under
National Food Security Act; Defence, Civil and pensions payable to
erstwhile employees of Department of Telecommunications, absorbed in
Bharat Sanchar Nigam Limited; outlays provided for investment in
Indian Railways, School Education and Literacy, Higher Education
Financing Agency, Atomic Energy Industries and Construction of
roads; capital expenditure of Defence Services; higher requirement
by Central Armed Police Forces; provision made for Pradhan Mantri
Swasthya Suraksha Yojana.

Borrowings
and Other Liabilities estimated at Rs. 624276 crore in BE of 2018-19
as against a BE of Rs. 546531 crore and RE of Rs. 594849 crore in
2017-18.

Total
resources going to States including the devolution of State’s
share in taxes, Grants/Loans, and releases under Centrally Sponsored
Schemes in BE (2018-19) is Rs.12,69,435 crore, with a jump of Rs.
1,53,558 crore over RE (2017-18) and Rs. 2,83,760 crore more than
the Actuals (2016-17).

Disinvestment
target for this year set at ₹80,000 crore.

Tax
proposals

Personal
income tax

No
changes in personal income tax slabs.

Salaried
tax-payers to get a standard deduction of Rs. 40,000 in lieu of
transport allowance and "other medical expenses".

All
senior citizens will now be able to claim benefit of a deduction of
Rs. 50,000 for any medical insurance.

For
critical illnesses, the deduction has been increased to Rs.
1,00,000.

Govt.
will contribute 12% of the wages of new employees in EPF in all
sectors for next 3 years. Women’s contribution to EPF reduced to
8% for first 3 years

₹2,000-crore
fund for development of agri markets.

Free
power connections to 4 crore homes under Saubhagya Yojana. Rs. 16000
crore under this scheme

Govt.
to implement minimum support price for all crops; It is hiked to 1.5
times of production costs.

New
flagship National Health Protection Scheme, providing a health
insurance cover of ₹5 lakh per family per year announced.

Automatic
revision of emoluments parliamentarians every five years, pegged to
inflation.

develop
and upgrade existing 22,000 rural haats into Gramin Agricultural
Markets (GrAMs). In these GrAMs, physical infrastructure will be
strengthened using MGNREGA and other Government Schemes. These
GrAMs, electronically linked to e-NAM and exempted from regulations
of APMCs, will provide farmers facility to make direct sale to
consumers and bulk purchasers.

Organic
farming in large clusters, preferably of 1000 hectares each, will be
encouraged.

Allocation
of Ministry of Food Processing is being doubled from `715 crore in
RE 2017-18 to `1400 crore in BE 2018-19.

About Me

Our Blog covers issues of interest on the Indian economy, Indian economic policy, Indian Financial markets and Global economic prospects. ECOFIN-SURGE offers a vast and comprehensive compilation of Indian data covering Macro-economic variables like GDP, Government Finances, Industrial & Agricultural Production indices, Inflation and Banking & Financial market indicators like Interest rates, Stock & Commodity market indices. All efforts are made to provide time series data for quality econometric research work. ECOFIN-SURGE also gives you snapshots of the global economy by providing crucial indicators for economies like the US, Euro-zone, UK, Japan and other Asian countries as well as some Latin American countries. We also bring out a monthly statistical bulletin with important economic/financial indicators, both Indian and Global. All our data is compiled from reliable sources like Government and Central bank websites. The compilation of data here is meant to help you save a lot of your valuable time and efforts in gathering data, allowing you more time for your core research.